DOMINION'S FINANCES (MEMORANDUM SHOWING STATE OF) AS AT 30th JUNE, 1912.

Appendix to the Journals of the House of Representatives, 1912 Session II, B-06a

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Session 11. 1912. NEW Z E ALAN D.

DOMINION'S FINANCES (MEMORANDUM SHOWING STATE OF) AS AT 30th JUNE, 1912.

Laid on the Table of the House, by leave, by the Minister of Finance (Hon. Mr. Myers).

I desike to put before honourable members a very brief statement of the financial position of the Dominion. It gives me much pleasure to state that the condition of the country's finances is very sound. The revenue for the year ending the 31st March last was the record one of £11,032,544. The details, together with those of the previous year, are, —

Compared with 1909-10. £ Revenue, 1909-10 . . . . . . ... 9,238,261 Revenue, 1911-12 . . . . : . . . 11,032,544 Increase . . ' . . . . . . £1,794,283 EXPENDITURE. It was estimated that the expenditure for the year— Would be .... .... .... .... 10,604,677 It was .... .... .... .... .... 10,340,368 leaving a saving on appropriations of £264,309.

1911-12. I 1910-11. Increase. Decrease. 'onsolidated Fund, — Ordinary Revenue — Customs Stamps (Stamp Department) Stamps (Postal Department) Post and Telegraph Cash Receipts. . Land-tax Income-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Territorial Revenue Endowment Revenue £ 3,279,012 943,188 857,119 232,689 647,016 448,935 119,131 3,665,613 108,495 48,322 371,868 248,791 62.365 £ 3,027,829 819,839 816,306 211.261 628.723 407,235 118,100: 3,483,755 100,026 I 45,933 327,123 255,032 55,86] j £ 251,183 123.349 40.813 21,428 18,293 41,700 1.031 181,858 8,469 2,389 44,745 6,504 £ 6,241 741,762 6,241 6,241 Totals 11,032,544 10,297,023 ! 735,521

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Details are here given showing the expenditure oi' the different Departments compared with that of last year : —

SUMMAEY OF THE YBAE'S OPBEATIONS. £ Balance in hand, Ist April, 1911 .. .. .. 586,483 Eeceipts during year,— £ Revenue '.. .. .. 11,032,544 Other receipts .. . . 28,617 11,061,161 Expenditure during year,— Appropriations .. .. 10,340,368 Excess of receipts over expenditure .. .. 720,793 The credit balance, including £586,483 carried forward, amounted on the 31st March last to .. . . 1,307,276 From this there was transferred to the Public Works Fund .. .. .. .. .. 500,000 Leaving a balance on the 31st March, 1912, of .. £807,276

Difference. Expenditure. Year 1911-12. Year More. Less. Permanent Appropriations — Civil List Interest and Sinking Fund Under Special Acts , Subsidies paid to Local Authorities Territorial Revenue Endowments .. .. .. Old-age Pensions £ £ £ £ 693 33,680 2,656,340 512,449 105,938 38,477 152,772 386,962 34,373 2,458,452 482,119 108,017 40,397 153,459 366,033 197,888 30,330 2,079 1,920 687 20,929 Annual Appropriations— Legislative Departments Department of Finance Post and Telegraph Department Working Railways Department Public Buildings, Domains, and Maintenance of Roads Native Department Justice Department Mines Department 1 Department of Internal Affairs Defence Department Customs, Marine, and Inspection of Machinery Departments Department of Labour Department of Lands and Survey Department of Agriculture, Commerce, and Tourists Education Department . Services not provided for 3,886,618 3,642,850 249,147 5,379 31,628 47,449 986,527 2,451,717 37,611 48,023 911,819 2,270,814 74,708 180,903 5,983 574 88,745 20,724 384,721 24,844 385,837 401,870 81,103 21,661 370,182 22,457 262,142 212,939 7,642 14,539 2,387 123,695 188,931 937 118,528 25,245 234,501 114,737 22,725 206,660 3,791 2,520 27,841 219,434 1,012,048 19,932 184,579 924,777 8,027 34,855 87,271 11,905 6,453,750 5,700,256 760,988 7,494 Totals 1,010,135 12,873 12,873 10,340,368 9,343,106 997,262

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Since the close of the financial year the revenue is still increasing, as the following statement will show:—

Statement showing the Revenue for the Three Months ended 30th June, 1912, and for the Corresponding Period of Last Year.

Consolidated Fund. —Obdinaby Revenue Account. £ s. d. Balance 31st March, 1912 .... ... .... .... 807,275 11 8 Eevenue from Ist April to 30th June — Ordinary Bevenue .... ....£2,388,387 8 11 Territorial revenue .... .... 29,696 4 2 National-endowment revenue .... 59,413 19 7 2,477,497 12 8 3,284,773 4 4 Expenditure — Permanent appropriations .... .... 1,199,407 19 10 Annual appropriations .... .... 1,302,818 5 4 . 2,502,226 5 2 Balance, 30th June, 192 .... .... .... £782,546 19 2 It is la pleasure to point out that there has been no necessity to issue a Treasury bill during this quarter. I anticipate that the revenue for 1912-13 will be £11,014,909, made up as follows: — Customs .... .... .... 3,200,000 Railways .... .... .• .... 3,745,000 Stamps .... .... .... 898,800 Post and Telegraph .... .... 1,141,000 Land-tax .... .... .... 650,000 Income-tax .... .... .... 450,000 Beer Duty .... .... .... 119,000 Registration .... .... .... 95,165 Marine .... .... .... 47,000 Miscellaneous.... .... .... 369,530 Territorial Revenue .... .... 240,000 Endowment Revenue .... .... 59,414 — £11,014,909

Three Months ended 30th June, 1912. Tbree Months ended 30th June, 1911. Consolidated Fund— Ordinary revenue Customs ... Stamps Post and Telegraph ... Land-tax ... Income-tax Beer duty ... Railways ... Kegistration and other fees ... Marine Miscellaneous Territorial Eevenue — Cash land sales Deferred-payment land sales ... Pastoral rents, &c. ... £ S. d. £ s. d. 777,218 12 1.1 230,964 1 4 323,538 11 2 4,939 0 8 5,783 2 1 27,276 8 1 935,228 16 9 24,152 16 3 12,730 3 4 46,555 16 4 681,662 12 8 251,298 8 4 286,868 10 4 1,458 9 1 4,035 16 1 26,494 12 9 827,905 9 8 21,475 11 0 10,470 17 2 42,652 15 7 13,47.1 5 10 0 13 1 16,224 5 3 10,043 12 4 4 10 9 11,858 13 7 Totals ... National-endowment revenue ... 2,418,083 13 59,413 19 1 7 2,176,229 19 62,365 5 4 0 £2,477,497 12 8 £2,238,595 4 4

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Expenditure. This is estimated at £10,737,958, against the actual expenditure of £10,340,368 during the last, year. There will be increases as follows: Permanent charges, £158,887; Departmental, .£239,204. I have estimated the results to be, — £ Balance from last year .... .... .... 807,276 Estimated revenue, 1912-13 .... .... 11,014,909 11,822,185 From this I deduct the estimated expenditure.... 10.,787,958 Leaving a surplus of .... .... .... £1,084,227 From this must be deducted the amount to be voted on the supplementary estimates. This will still allow a transfer of £800,000 to the Public Works Fund. The following table shows a list of the unexhausted authorities for raising , loans as at Ist July, 1912 :— Statement showing Unexhausted Authorities for raising Loans in Fokce at Date. The Aid to Water-power Works, 1910 .... .... 500,000 The Appropriation Act, 1911 (section 17) .... 100,000 The Waihou and Ohinemuri Rivers Improvement Act, 1910 .... .... .... .... 50,000 The Hutt Railway and Road Improvement Act, 1910 5,320 The Government Railways Amendment Act, 1910.... 48,450 The Scenery Preservation Act, 1908 .... .... 50,000 The State Fire Insurance Act, 1908 .... .... 98,000 The New Zealand State-guaranteed Advances Act, 1909-10: — ■ ■ .. ' £ Advances to Settlers .... .... .... 1,532,700 Advances to Workers .... .... .... 325,000 Land for Settlements .... .... .... 720,650 Native Land Settlement .... .... 450,000 Local Authorities .... .... :.... 850,000 Guaranteed Mining .... .... .... 20,000 £4,750,120 : Arthur M. Mtebs, Minister of "Finance. Wellington, 9th July, 1912.

Authority : John Mackay, Government Printer, Wellington.—l9l2